Sterling rose to the highest level in 15 months

The pound rose to its highest level in more than a year after data showed that wage growth in Britain rose to an all-time high despite an unexpectedly high unemployment rate. The pound rose against the US dollar to $ 1.2913, the highest level since April 2022, and the pound sterling rose against the euro to 85.11 pence, its highest level since August 2022. The International Monetary Fund said that the Bank of England may need to keep interest rates higher for a longer period, stressing that “if inflationary pressures show Signs of further stability interest rate may have to be raised more and it will need to stay higher for longer to bring down inflation permanently and keep inflation expectations steady.